SoFi has announced a new partnership with Mastercard which will see Mastercard become the exclusive card network for the SoFi debit card. In addition SoFi & Mastercard will partner to offer a new credit card. It’s unclear what the benefits of this card will be, but SoFi debit cardholders receive 20% back on Lyft purchases. Members will also receive an ‘enriched fan experience’ at the new SoFi stadium that will open in Los Angeles later this year.
I’ll get the card if they have a $10,000 cap for referral with $300 for each approval and $500 sign-up bonus.
If you have any desired benefits/rewards for the card, click that “email the CEO” link. I did that a month or so ago. They said they were planning a card release at some point in the future. Would take any customer feedback into consideration.
It’s nice to have a new bank trying to be aggressive with market share. It’s been just the big guys for a while
Wake me up when the card debuts with a nice bonus and then offer cardholders referral bonuses for each person who they refer and is approved. SoFi knew how to get attention before with their other products, so they know how to get real attention for this new cc. Otherwise, we sign up and use other cards due to initial bonus and decent benefits. There’s plenty of competition for cc customers, but institutions who ignore decent rewards are relying on older clientele and that means those who only go to branches. I’m in my 50’s.
Why do I have the feeling this will be a 2% cashback card, possible with no FTFs?
Probably. Would also include cell insurance etc like the debit card.
I follow some payment industry news sources. “The new Sofi Mastercard debit program includes cash-back incentives, mobile phone insurance and airport concierge services, among other offerings.”
Matt,
Those seem like standard MasterCard benefits these days.
Their checking account is great to use. Hopefully it’ll be a good card for those way over 5/24
Any CC competition is good, I have a feeling SoFi will be good to us who are lol/24.
Meh, feels like a card that will earn sub part rewards but be loaded with “benefits”. Doubting a real SUB
Time will till
A stadium o.0 well they are certainly spending their venture capital wisely.
it’s going to be the home field for the Chargers and Rams, so local tax dollars footed most of the bill- but I do wonder how much it costs these companies to put their name on a stadium.
In this article (https://www.bizjournals.com/sanfrancisco/news/2019/09/16/s-f-based-sofi-clinches-naming-rights-deal-for-new.html) it says it was a $400M deal for the naming rights over 20 years. Not a horrible investment when it comes to advertising.
Hard to quantify return on that investment though
MetLife paid $400mm for 25 year naming rights for the stadium the Jets and Giants play in 10 years ago.
Do you live under a rock?
Probably, as I had to “google” Chargers and Rams to figure out what sport it was.
It’s just naming rights.
Sofi’s deal is 20 years at $30 million+ a year. Still a lot.